Vivint Smart Home and Goosehead Insurance (Nasdaq: GSHD), an independent personal lines insurance agency, announced a strategic partnership to provide home insurance solutions.
As part of the partnership, Goosehead entered into a letter of intent to acquire Vivint Insurance Agency’s current book of business and provide service and support for Vivint’s insurance clients as the company shifts its insurance strategy to a partnership model.
The collaboration will simplify the process of protecting and securing homes for consumers and help them to reduce claims and losses, according to the announcement. Goosehead Insurance, based in Westlake, Texas, and Vivint said they will collaborate to develop innovative new services and offerings that leverage the latest advancements in smart home technology and insurance services.
“We continue to see increased momentum around the independent insurance distribution model as consumers look for the power of choice and more efficient experiences, and our partnership with Vivint enables us to provide a more comprehensive and integrated home ownership experience," said Justin Ricketts, executive vice president, technology and partnerships at Goosehead Insurance. "By combining our industry-leading insurance model with Vivint's cutting-edge smart home technology, we're able to offer a truly innovative solution that sets a new standard for the industry and meets the evolving needs of today’s consumer."
Vivint customers looking for home insurance solutions will now have access to a best-in-class way to shop for and buy personal lines of insurance with the guidance of Goosehead’s agents and its Digital Agent Platform, a quoting platform enabled by integrated technology that provides consumers with a straightforward and efficient way to find the right home insurance coverage at the best price, the announcement stated.
Goosehead clients with Vivint systems will also be able to take advantage of additional homeowners insurance discounts and have access to exclusive offers from Vivint to help them further protect and secure their homes.
In late 2021, Vivint announced the intent to create auto and home insurance programs to complement its range of smart home products and related services. The company appointed a chief insurance officer, Ron Davies, to lead a wider foray into insurance products last year. The agency, Vivint Warranty and Home Insurance, became licensed in all 50 states.
“We're excited to partner with Goosehead Insurance as we transition our insurance strategy to a partnership model,” said Rasesh Patel, president, Vivint. “When we entered the insurance space, we knew it would be a natural complement to our smart home offering and that long term, our technology could be used to reduce customer claims and losses while simultaneously improving customer experience. By integrating our smart home technology with Goosehead’s insurance services, we're able to expand on that vision and together provide an all-in-one solution that gives homeowners greater control over their homes and insurance policies.”
The partnership between Vivint and Goosehead Insurance is set to launch in May and will be available to homeowners across the United States.
